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ValentinkaMS [17]
3 years ago
8

Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $99,600. They have

excess depreciation on real estate of $59,760, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $19,920, and they made charitable contributions of $9,960. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is $69,720, determine the amount of their AMTI.
Business
1 answer:
trapecia [35]3 years ago
7 0

Answer: $129480

Explanation:

Based on the information given, the amount of their AMTI will be calculated as:

AGI = $99600

Add: Excess Depreciation on Real Estate = $59760

Less: Mortgage Interest Expenses = $19920

Less : Charitable Contribution = $9960

AMTI = $129480

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Answer:

Downward communication

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Within an organization, downward communication refers to any communication that starts in a higher level of the organization and flows to a lower level of the organization.

In this case, since the board of directors is the highest level of a corporation, any communication that is sent to other parts of the corporation will always be downward communication.

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Thomas co. sold $1,000 worth of merchandise on a bank credit card less a 3ee. the entry to record the sales transaction would in
DedPeter [7]

The amount of the sales transaction would include a debit to cash is $970.

<h3>How is the percentage determined?</h3>
  • The percentage is a value that has been multiplied by 100. In this manner, expressing 25% of a value is equivalent to expressing 25% out of 100, or 25% divided by 100.
  • Simply multiply the total by the percentage to determine the precise number of absentees from the event.

So: 160 x 25% = 160 (25/100) = 160 x 0.25 = 40

This is so that the cash sum received will be equal to the sales values multiplied by one less the credit card fee.

1000 x (1-0,03)

1000 x 0,97 = 970$

So, the amount of debt to cash that would entry to the record sales would be 970$.

To learn more about Finance sum, refer

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4 0
2 years ago
It's illegal to convey false or misleading information about nutrition in magazine and newspaper articles and on television
wolverine [178]
It's actually FALSE.
4 0
3 years ago
A company issued a 20-year, $1,000 par value bond that pays semiannual interest of $40. If the semiannual market rate of interes
Kitty [74]

Answer: $828

Explanation:

Given the following :

Semi-annual payment = $40

Period = 20 years

Number of payments = (20 * 2)(semiannual) = 40 payments

Par value = $1000

Interest rate = 5%

Using the PV table:

PV at $1 (40, 5%) = 0.1420

PVA at $1 (40, 5%) = 17.159

[Par value * PV at $1 (40, 5%)] + [$40 * PVA at $1 (40, 5%)]

= ($1000 * 0.1420) + ($40 * 17.159)

= $142 + $686.36

=$828.36

= $826

4 0
3 years ago
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